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Thread: Good Bye Fiesta...

  1. #41
    Senior Member 312 Rep Points M-Sport fan's Avatar
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    Quote Originally Posted by Hijinx View Post
    I doubt credit score affects your rates...
    That depends on the COMPANY, as some of the (usually the NON mutual ones) more excessively GREEDY ones will look for ANY reason to RAPE you brutally.
    Magnetic 2016 Fiesta ST base model

  2. #42
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    Quote Originally Posted by Hijinx View Post
    I doubt credit score affects your rates...
    That depends on the COMPANY (and your state of residence as stated above), as some of the (usually, but not exclusively, the NON mutual ones) more excessively GREEDY ones will look for ANY reason to RAPE you brutally.
    Magnetic 2016 Fiesta ST base model

  3. #43
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    So here's my question. Once the bank finds out that the car is a total loss, and that you didn't have the required full coverage, what are they going to do? I assume that they will want the loan paid off immediately, yes? Seems like things could get sticky.

  4. #44
    New Member 8 Rep Points silverblueBP's Avatar
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    Quote Originally Posted by Ritual View Post
    your credit score determines your insurance rate just as much as your driving record.

    bad or no credit? prepare to pay high insurance rates.

    I find it hard to believe that people are paying under 100$ a month for full coverage insurance though. Liability sure.
    Just bought my ST and my cost is $49.50/month. 500,000 liability and full comp/collision.

    Age has it's benefits.
    Mark

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  5. #45
    Member 42 Rep Points SoyFiesta's Avatar
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    Quote Originally Posted by grnmachine02 View Post
    So here's my question. Once the bank finds out that the car is a total loss, and that you didn't have the required full coverage, what are they going to do? I assume that they will want the loan paid off immediately, yes? Seems like things could get sticky.
    Especially if they find out street racing was involved
    2016 White Platinum Fiesta ST (Tuned by Mountune, AEM Testing Intake, Deadhook Symposer Delete, XenonDepot LED low beams, Damond Motorsports OCC, CP-E Catback Exhaust, CFM Oil Cap Breather)

  6. #46
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    Quote Originally Posted by SoyFiesta View Post
    Especially if they find out street racing was involved
    I don't think that they'd care one way or the other; if they are going to pull the loan they're going to pull the loan. I suspect that they would try to turn it into a unsecured personal loan as the car will no longer collateralize the existing loan. I'm not sure what the OP's options are but hanging on to the car as long and as quietly as possible, regardless of its condition, might be the best way to stay out of a very expensive piece of debt.

  7. #47
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    Quote Originally Posted by jeffreylyon View Post
    I don't think that they'd care one way or the other; if they are going to pull the loan they're going to pull the loan. I suspect that they would try to turn it into a unsecured personal loan as the car will no longer collateralize the existing loan. I'm not sure what the OP's options are but hanging on to the car as long and as quietly as possible, regardless of its condition, might be the best way to stay out of a very expensive piece of debt.
    This. If they turn it into a personal unsecured loan, the interest will sky rocket.

  8. #48
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    I'm going to go ahead and assume OP did not tell the police, insurance company, or bank that he was street racing or he probably wouldn't be at liberty to post about it. If he has no insurance claim to make anyway, he may not even notify his insurance company and just cancel the insurance. If he can scrape together the funds to pay off the bank, perhaps he will do that and then be left with no worse credit, but no money to put down on a new car (i.e. still a shitty situation). Assuming he doesn't have parents willing/able to pay it off for him, it's more likely he won't be able to pay off the loan and will default. When the bank finds out their collateral is gone and they can't collect from the insurance company either, they will turn it over to a collections company to harass him and his credit will be ruined for a looooong time. This will make getting a car (and a house, and a credit card, etc.) even harder in the future.

    To those saying it's unfair that people with bad credit have higher insurance costs, this guy is the reason why. To those who are saying "lesson learned" and so forth, it seems like a very expensive lesson only an idiot would need to learn in the first place. If you have to risk your own life and that of others to "learn" that street racing is dumb, you deserve whatever is coming to you.

  9. #49
    Member 128 Rep Points rexdriver85's Avatar
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    Sorry, but not sorry. Glad no one was hurt or killed. Hope you learned a valuable lesson. Good luck with the part out.

  10. #50
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    Quote Originally Posted by Joker328 View Post
    I'm going to go ahead and assume OP did not tell the police, insurance company, or bank that he was street racing or he probably wouldn't be at liberty to post about it. If he has no insurance claim to make anyway, he may not even notify his insurance company and just cancel the insurance. If he can scrape together the funds to pay off the bank, perhaps he will do that and then be left with no worse credit, but no money to put down on a new car (i.e. still a shitty situation). Assuming he doesn't have parents willing/able to pay it off for him, it's more likely he won't be able to pay off the loan and will default. When the bank finds out their collateral is gone and they can't collect from the insurance company either, they will turn it over to a collections company to harass him and his credit will be ruined for a looooong time. This will make getting a car (and a house, and a credit card, etc.) even harder in the future.

    To those saying it's unfair that people with bad credit have higher insurance costs, this guy is the reason why. To those who are saying "lesson learned" and so forth, it seems like a very expensive lesson only an idiot would need to learn in the first place. If you have to risk your own life and that of others to "learn" that street racing is dumb, you deserve whatever is coming to you.
    All very true. Regarding the last sentence, there's more often a disconnect between the behavior and the result. Most people who participate in the action don't suffer these consequences. Until one suffers the consequences, it may not seem as dumb as it really is because, "that won't happen to me this time" or worse, "I'm too good to let that happen."

    Whenever I'm thinking about doing something really stupid I try to remember to ask myself one simple question: "Is it worth it?"

    When you put it to yourself in a perspective such as that, 99.936% of the time it'll keep you out of trouble.

    If more people asked themselves that question, (or reverted to bicycles,) there might be a lot less "road rage" incidents recorded on cell phones.


 
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